A firm's managers need information on the firm's revenue and costs as well as information on the value of a firm's assets and the amount of the firm's debts to answer three basic questions. Which of the following is not one of those three basic questions?

A) what to produce?
B) how to produce it?
C) what price to charge?
D) where to produce?

Answer: D

Economics

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Why does a monopsony increase employment when faced with an effective minimum wage law?

What will be an ideal response?

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Refer to Figure 4-1. If the market price is $2.00, what is the consumer surplus on the first burrito?

A) $0.50 B) $1.00 C) $2.00 D) $7.50

Economics